Today, Glenn "GT" Thompson (PA-15), Chairman of the House Committee on Agriculture, and French Hill (AR-02), Chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion, and Dusty Johnson (SD-AL), Chairman of the Subcommittee on Commodity Markets, Digital Assets, and Rural Development, introduced H.R. 4763, the Financial Innovation and Technology for the 21st Century Act. Additional cosponsors include Reps. Tom Emmer (MN-06) and Warren Davidson (OH-08).
“Today's introduction of the Financial Innovation and Technology for the 21st Century Act marks a significant milestone in the House Committees on Agriculture and Financial Services efforts to establish a much-needed regulatory framework that protects consumers and investors and fosters American leadership in the digital asset space,” said Chairman Thompson. “Over the past several months, our teams solicited extensive feedback from stakeholder and market participants, and worked diligently to produce a legislative product that aims to close existing authority gaps, ensuring U.S. leadership in financial and technological innovation. I thank Chairman McHenry for his leadership and that of our subcommittee chairs in moving this legislation to this stage.”
“After listening to members on both sides of the aisle, the Biden Administration, and stakeholders, the House Committees on Financial Services and Agriculture are introducing landmark legislation today to establish a functional regulatory framework that will protect consumers and keep innovation in the United States,” said Rep. French Hill. “This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants. I look forward to this historic legislation being considered in both the House Committees on Financial Services and Agriculture next week.”
“The digital asset space is muddled with regulatory uncertainty, lack of authority, and a lacking framework for core operating principles,” said Rep. Dusty Johnson. “The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.”
“This is a pivotal moment for America’s standing as the global leader in innovation and technology adoption. Not only can digital assets revolutionize our financial system, but their underlying blockchain technology holds promise as the building blocks for the next generation of the internet,” said Chairman of the House Financial Services Committee, Patrick McHenry (NC-10). "As other counties move forward with digital asset regulatory frameworks and Chair Gensler continues his regulation by enforcement, the U.S. is falling behind. Innovators need regulatory clarity and certainty to enable this technology to achieve its full potential. That’s why Republicans introduced the FIT for the 21st Century Act to finally provide clear rules of the road so the digital asset ecosystem can thrive in the U.S. This legislation is the product of years of work and unprecedented coordination between the House Financial Services and Agriculture Committees. I applaud Chairman Thompson and Subcommittee Chairman Hill’s leadership, and I look forward to passing this bill out of the Financial Services Committee next week.”
For text of the bill, click here.
For a section-by-section summary, click here.
For additional background, click here.
For a myth vs. fact breakdown, click here.